Optimal contracts for wind power producers in electricity markets

Handle URI:
http://hdl.handle.net/10754/599088
Title:
Optimal contracts for wind power producers in electricity markets
Authors:
Bitar, E.; Giani, A.; Rajagopal, R.; Varagnolo, D.; Khargonekar, P.; Poolla, K.; Varaiya, P.
Abstract:
This paper is focused on optimal contracts for an independent wind power producer in conventional electricity markets. Starting with a simple model of the uncertainty in the production of power from a wind turbine farm and a model for the electric energy market, we derive analytical expressions for optimal contract size and corresponding expected optimal profit. We also address problems involving overproduction penalties, cost of reserves, and utility of additional sensor information. We obtain analytical expressions for marginal profits from investing in local generation and energy storage. ©2010 IEEE.
Citation:
Bitar E, Giani A, Rajagopal R, Varagnolo D, Khargonekar P, et al. (2010) Optimal contracts for wind power producers in electricity markets. 49th IEEE Conference on Decision and Control (CDC). Available: http://dx.doi.org/10.1109/CDC.2010.5717453.
Publisher:
Institute of Electrical and Electronics Engineers (IEEE)
Journal:
49th IEEE Conference on Decision and Control (CDC)
KAUST Grant Number:
025478
Issue Date:
Dec-2010
DOI:
10.1109/CDC.2010.5717453
Type:
Conference Paper
Sponsors:
Supported in part by OOF991-KAUST US LIMITED under awardnumber 025478, the UC Discovery Grant ele07-10283 under the IMPACTprogram, and NSF under Grant EECS-0925337, and the Florida EnergySystems Consortium.
Appears in Collections:
Publications Acknowledging KAUST Support

Full metadata record

DC FieldValue Language
dc.contributor.authorBitar, E.en
dc.contributor.authorGiani, A.en
dc.contributor.authorRajagopal, R.en
dc.contributor.authorVaragnolo, D.en
dc.contributor.authorKhargonekar, P.en
dc.contributor.authorPoolla, K.en
dc.contributor.authorVaraiya, P.en
dc.date.accessioned2016-02-25T13:52:38Zen
dc.date.available2016-02-25T13:52:38Zen
dc.date.issued2010-12en
dc.identifier.citationBitar E, Giani A, Rajagopal R, Varagnolo D, Khargonekar P, et al. (2010) Optimal contracts for wind power producers in electricity markets. 49th IEEE Conference on Decision and Control (CDC). Available: http://dx.doi.org/10.1109/CDC.2010.5717453.en
dc.identifier.doi10.1109/CDC.2010.5717453en
dc.identifier.urihttp://hdl.handle.net/10754/599088en
dc.description.abstractThis paper is focused on optimal contracts for an independent wind power producer in conventional electricity markets. Starting with a simple model of the uncertainty in the production of power from a wind turbine farm and a model for the electric energy market, we derive analytical expressions for optimal contract size and corresponding expected optimal profit. We also address problems involving overproduction penalties, cost of reserves, and utility of additional sensor information. We obtain analytical expressions for marginal profits from investing in local generation and energy storage. ©2010 IEEE.en
dc.description.sponsorshipSupported in part by OOF991-KAUST US LIMITED under awardnumber 025478, the UC Discovery Grant ele07-10283 under the IMPACTprogram, and NSF under Grant EECS-0925337, and the Florida EnergySystems Consortium.en
dc.publisherInstitute of Electrical and Electronics Engineers (IEEE)en
dc.subjectElectricity marketsen
dc.subjectEnergy storageen
dc.subjectRenewable energyen
dc.subjectSmart griden
dc.titleOptimal contracts for wind power producers in electricity marketsen
dc.typeConference Paperen
dc.identifier.journal49th IEEE Conference on Decision and Control (CDC)en
dc.contributor.institutionUC Berkeley, Berkeley, United Statesen
dc.contributor.institutionUniversita degli Studi di Padova, Padua, Italyen
dc.contributor.institutionUniversity of Florida, Gainesville, United Statesen
kaust.grant.number025478en
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